Hi guys I have done a little bit of work for NML. I think NML is...

Hi guys

I have done a little bit of work for NML. I think NML is doing fine. More drilling is required to unlock the potential in its huge tenements by the help of Vic Gov. grants. I am strongly considering to be long with NML while watching the price of gold which is now holding well above USD 1,200 (1,221 atm). I think the next target for the price of gold will be USD 1,300 in next couple of months and that should add more value to market cap of NML.

It’s now confirmed IMO that the Irvine gold prospect is an analogue of the multi-million ounce Magdala gold deposit located on the opposite side of the Stawell Granite in similar rocks to the north.

The assay results for majority of holes are announced, only the results of last 10 holes are pending. A new RC / DD drilling program is aiming to commence in February / March 2017 (Future exploration programme details below). The new targets are currently being designed. In addition, an exploration plan to test the known 8km extent of the Irvine basalt dome underlying the historical alluvial mining of the 1Moz Ararat Goldfield is being developed. (Activities planned for the next quarter – See below)

Potential to find a good size deposit (for open pit mining) at shallow depth at the north of Target 3
I want to take your attention to this point; I have found out that one the holes ICA058 (assay result is below) has very good potential. It has high grade shallow (from 5m) broad zones of gold mineralisation of up to 30m wide. It’s has over 800m strike length to the north (towards to the Stawell Granite) and open at depth. The grades might be getter higher by the depth as well. It is hard to say what would be the size of the prospect (North of ICA058 drill hole only) in the area.
More drilling is required

The AC drilling program forms part of the work included in Navarre’s TARGET co-funding agreement with the Victorian Government. The Victorian Government’s TARGET grant funding, which was awarded to the Company during the June quarter 2016, will contribute approximately 50% towards the total cost of an expected $1.2 million exploration program at the Irvine gold prospect. The program comprises geophysics, AC and DD drilling. Navarre has signed a funding agreement with the Victorian Government that includes milestones that will trigger the staged release of funds to Navarre.



ICA058 Assay results



It can be seen on the H-H’ cross-section below that ICA058 was drilled by 60 degree angle and not representing the whole mineralisation. More drilling required at this section for depth and strike. The gold grade at the lower part is very high (2m interval at 10.75g/t). It might even higher at more depth.






Future Exploration Plan
An RC / DD drilling program is aiming to commence in February / March 2017 as part of the Victorian Government’s TARGET Minerals Exploration Initiative co-funding grant. The RC / DD drilling program will be prioritised according to peak gold intersections identified from the AC drilling at Target 3 and other regional targets, and is currently being designed.

This program comprises approximately 2,700m of RC/DD and together with labour, sampling, assaying and rehabilitation is estimated to cost $0.8M.

In addition, an exploration plan to test the known 8km extent of the Irvine basalt dome underlying the historical alluvial mining of the 1Moz Ararat Goldfield is being developed. This program is envisaged to include further geochemical and geophysical surveys, infill and reconnaissance AC drilling.

The exploration program will be finalised once all AC results have been received and further geochemical and geological interpretations have been completed.

Activities planned for the next quarter

Planned exploration for the Stawell Corridor Gold Project forms part of the eligible activities of the TARGET co-funding arrangements with the Victorian Government.

Stawell Corridor Gold Project:
• Receive and interpret results from outstanding 10 AC drill holes
• Finalise RC / DD drill plans and approvals
• Commence RC / DD drill program at Irvine
• Expand geochemical sampling and mapping program over 8km strike of Irvine basalt dome
• Plan gravity survey to locate southern end of Irvine basalt dome beyond its mapped 8km strike length

Tandarra Gold Project (Navarre free carried; project managed by Catalyst Metals Limited)
There was no significant work undertaken by Catalyst on this tenement during the quarter. In January 2017 Catalyst, as operator of the licence, submitted an application for a co-funding grant under Round 2 of the Victorian Government’s TARGET Minerals Exploration Initiative to accelerate exploration at Tandarra.

Plan follow-up drill program testing for extensions of the Tomorrow line.

The Tandarra Gold Project is a gold discovery under shallow cover, 40km north of the 22 million ounce Bendigo Goldfield (Figure 9). This advanced exploration project is a Bendigo analogue with confirmed high-grades of gold associated with several quartz reef structures. Project manager Catalyst Metals Limited (“Catalyst”) has the right to earn a 51% equity interest in the Tandarra Gold Project by incurring exploration expenditure of $3 million over four years to September 2018.